7/4 Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

Bitcoin and altcoins held their immediate support levels, suggesting the start of a short-term relief rally.

Price analysis

Crypto markets remained relatively stable over the weekend and July 4, which is a holiday for US financial markets due to Independence Day. Although Arthur Hayes, former CEO of derivatives platform BitMEX, expected a "mega crypto dump" around July 4, it didn't materialize.

The decline in Bitcoin (BTC) volatility over the past few days has caused the Bollinger Band width to compress. This indicates a possible increase in volatility in the coming days, according to renowned analyst Matthew Hyland.

Daily Crypto Market Performance currencies. Source: Coin360

Meanwhile, crypto investors seem to be waiting for indices from US stock markets and the US dollar.

Bitcoin's correlation coefficient with the dollar in the week ending July 3 dropped to 0.77 below zero, the lowest level in seventeen months. The majority of analysts polled by JP Morgan expect the dollar to end at or below current price levels around 105. Any weakness in the dollar could be good for Bitcoin.

Could the bulls initiate a short-term recovery? Let's study the charts of the top 10 cryptocurrencies to find out.